KLCI rises 0.37% as Petronas-linked stocks lift

-A +A

KUALA LUMPUR (April 15): The FBM KLCI rose 0.37% in early trade this morning, lifted by gains including at Petronas-linked stocks, tracking teh uptrend at regional markets.

At 9.05am, the FBM KLCI rose 5.98 points to 1,636.15.

The gainers were led by Nestle (M) Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Petronas Gas Bhd, Petronas Chemicals Group Bhd, Malaysian Pacific Industries Bhd and Time Dotcom Bhd.

Asian stocks began the week on a mostly positive note after earnings and Chinese economic data eased concerns about a slowdown in global growth Friday, lifting U.S. shares and Treasury yields, according to Bloomberg.

Japanese shares posted the largest gain early Monday, with equities in South Korea also higher and Australia opening flat. The S&P 500 Index on Friday climbed to within 1 percent of reaching a new all-time high. Australian bonds fell, tracking the drop in Treasuries prior to the weekend. The dollar steadied with Treasuries and oil started the week with a modest decline, it said.

Kenanga IB Research said Asian markets ended mixed on last Friday as investors remained cautious despite better-than-expected official trade numbers.

It said dack home, the FBM KLCI gained 5.94 points (+0.37%) to close at 1,630.17, bringing week-on-week loss to 0.71%.

“Overall, the index appears to be experiencing selling pressure evidenced by the long bearish candlestick, prior to last Friday. 

“However, we believe that it may not persist as the stochastic indicator has been in the oversold territory for quite some time.

“Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, support levels can be identified at 1,615 (S1) and 1,600 (S2),” it said.